Indonesian central bank for the sixth time this year increased its benchmark interest rate by 25 basis points to 9.50 percent on Tuesday, as an effort to contain high inflation, governor of the bank Boediono said.
The annual inflation hike in September in the Southeast Asia biggest economy reached 12.14 percent, the fastest pace in three years, contributed by the rising demand for clothing, foods and other basic needs in the biggest Muslim country ahead of the celebration of the Islamic festival of Id-ul-Fitr which was on October 1 and 2, the statistic agency said.
The hike of price during the fasting month of Ramadhan and Muslims travel more to visit relatives and spend more money for the celebration of Islamic festivity of Id-ul-Fitr in the biggest Muslim country of Indonesia, marks the end of the fasting month.
Annual inflation rate in August rose to 11.85 percent, following the soaring global oil and commodity prices, which have came off record, the bureau said.
Indonesia's central bank rose its benchmark interest rate for the fifth time in Sept. 4 by 25 basis points to 9.25 percent, following the soaring global oil and commodity prices, which have came off record and put a pressure on inflation rate.
Source:Xinhua
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